Near Protocol: 72% of traders bet on a rally, yet 2 signs suggest caution

Currently, 72.19% of traders are positioning long on NEAR, indicating significant bullish sentiment. There is hope for a trend reversal following the recent formation of a double bottom pattern at $1.85.

Despite positive sentiment and a sizable net outflow of $2.22 million, unbroken resistance constitutes a significant risk. Long positions faced noteworthy liquidations, highlighting a potential for local pullback.

Traders need to watch for confirmation of breakouts as significant liquidations on July 4 raised caution. Continuous outflows and stable funding might support future bullish activity.

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